Quantum Development Finance has agreed to provide Wavensmere Homes with a £15m loan to enable the £22m redevelopment of Milford Mills, which overlooks the River Derwent, located between Belper and Duffield in north Derbyshire.
The development will comprise 69 new homes to be delivered on the historic brownfield site, which is within the Derwent Valley Mills UNESCO World Heritage Site. Accessed off Derby Road (A6) in the centre of Milford village, the redevelopment of former commercial premises will feature 42 two- and three-bedroom houses and 27 one- and two-bedroom apartments, within a four-storey building overlooking the River and Mill Lade.
With development finance in place, Wavensmere’s team is continuing to work alongside officers from the Borough Council to enable construction to commence in January.
This marks the second time Quantum Development Finance and Wavensmere Homes have teamed up to deliver brownfield regeneration within Derbyshire. Earlier this year, the London-based specialist property lender provided a £15m loan for the construction of the final phase of the £175m Nightingale Quarter scheme in Derby city centre. The ‘E6’ block incorporates 79 one-bedroom and 24 two-bedroom apartments, with a raft of green energy features.
Sam Hudson, Head of Portfolio Management at Quantum Development Finance, said: “Following the success of our initial loan at Nightingale Quarter we are delighted to continue this partnership on Milford Mills. At Quantum Development Finance we pride ourselves on building long-standing relationships, especially with one of the leading regeneration specialists in the UK.
“The former 18th Century cotton mill housed some of the world’s first mechanised industrial spinning factories. This highly unique project will incorporate retention of historic features, including the Mill Lade that now feeds a hydroelectric power plant downstream, along with the repair of all original stone boundary walls. We look forward to witnessing the transformation of this brownfield site into attainable family homes, and it is testament to Wavensmere Homes that both sites also have strong sustainability credentials.”
